1972 (9) TMI 26

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....gan Street, Calcutta-5, and 2, Sovabazar Street, Calcutta. By a deed of trust executed in writing on 6th April, 1957, and registered, the petitioner settled the properties in favour of the trustees, Sri Ajit Kumar Chowdhury and Arun Kumar Chowdhury. Under the said trust deed the wife and sons of the petitioner were the beneficiaries in respect of the income out of the trust properties. The petitioner paid gift-tax to the extent of Rs. 17,019.20 as per notice of demand, dated 19th September, 1959. After the settlement was executed in 1957, the petitioner did not file any return for the assessment years 1957-58 and 1958-59. On 16th February, 1960, the Wealth-tax Officer, " A " Ward, Calcutta, wrote to the petitioner to file a return under the....

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..... There is no doubt that there is a trust deed upon which the nil assessment was made by the Wealth-tax Officer. By the trust deed it is clear that the property has been transferred to the trustees for the benefit of the sons and the wife of the petitioner. At the present moment, therefore, it does not appear to me that there is omission on the part of the assessee in respect of the trust to place all the materials, before the authorities concerned for the purpose of assessment. If there is no such omission on the part of the petitioner the notice under section 17(1)(a) of the Wealth-tax Act cannot be issued in view of the fact that there was no omission on the part of the assessee to disclose the material facts. Mr. Bhattacharjee contende....